The sale will be overseen by Group's Joint Administrators,Lindsey Cooper, Gareth Harris and Alexander Kinninmonth of RSM Restructuring Advisory LLP and will complete on confirmation of the purchaser's regulatory authorisation.

IVA Insurance Limited is a reinsurance captive specialising in consumer claims. As at 31 December 2016, IVA Insurance Limited had gross assets of £624,798.

The consideration comprises a cash payment of £450,001, with an additional amount equivalent to cash balances held by the company being payable on completion. The consideration will form part of the proceeds available for distribution by the Joint Administrators to the creditors of Group.